Risk factors

White Mountains Insurance Group (WTM) risk factors

Item 1A of every White Mountains Insurance Group Ltd. 10-K on file, and what changed from one year to the next. Readings are automated and can be wrong; check the filing for the exact wording.

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  • FY2025 10-K risk factors
    22 risks1 new5 dropped8 reworded

    Valuation volatility of BAM Surplus Notes created a new specific risk factor. Book value exposure shifted through changes in asset valuations like MediaAlpha. Reinsurance and tax compliance risks were updated to reflect current operational structures.

    Filed Feb 27, 2026
  • FY2024 10-K risk factors
    26 risks

    White Mountains faces substantial catastrophe exposure in property and casualty underwriting through Ark and WM Outrigger Re.

    Filed Feb 28, 2025